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Tesla Motors Reports First Quarter 2011 Results

Forward-Looking Statements

Certain statements in this press release, including statements relating to the progress Tesla is making with respect to the development, testing, performance, attributes and launch schedule of the Model S; the ability of Tesla to produce vehicles at the Tesla Factory in Fremont, California as well as the plans and schedule for the Tesla Factory and the equipment there; and the orders, schedule and benefits from Tesla’s development programs with Daimler and Toyota; are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties actual results may differ materially from those projected. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: Tesla’s future success depends on its ability to design and achieve market acceptance of the Model S; the risk of delays in the design, manufacture, launch and financing of the Model S, including the build-out of its planned Model S manufacturing facility; the risk of a decline in automotive revenues prior to the launch of the Model S; the need to raise additional funds and the availability of those funds; consumers’ willingness to adopt electric vehicles and electric cars in particular; Tesla’s ability to fully draw down on its facility from the U.S. Department of Energy; risks associated with sales of the Tesla Roadster; competition in the automotive market generally and the alternative fuel vehicle market in particular; Tesla’s ability to establish, maintain and strengthen the Tesla brand; the unavailability, reduction or elimination of governmental and economic incentives for electric vehicles; Tesla’s ability to establish, maintain and strengthen its relationships with strategic partners such as Daimler, Toyota and Panasonic; Tesla’s ability to fully complete the Toyota development agreement; and Tesla’s ability to execute on its plans for new store openings. More information on potential factors that could affect the Company’s financial results is included from time to time in Tesla’s Securities and Exchange Commission filings and reports, including the risks identified under the section captioned “Risk Factors” in its annual report on Form 10-K as filed on March 3, 2011. Tesla disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

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